BREAKING: OPEC cuts Nigeria’s oil production by 20.7% to 1. 38 mb/d

– By Alison Godswill

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BREAKING: OPEC cuts Nigeria’s oil production by 20.7% to 1. 38 mb/d

By Eyo Nsima

THE Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+ has cut Nigeria’s oil production, excluding condensate by 20.7 per cent to 1.38 million barrels per day, mb/d, from 1.74 mb/d.

The decision targeted at achieving stability in the global market was taken at the crucial meeting of the 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 35th OPEC and non-OPEC Ministerial Meeting, in Vienna, Austria, monitored by The Daily, http://www.thedaily-ng.com,.

In its statement also obtained by The Daily, http://www.thedaily-ng.com, OPEC+ stated: “In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.”

It also agreed to, “Adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which to be distributed as per the attached table. Reaffirm and extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC is to be held every two months.

“Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.

“Reaffirm that the DoC conformity is to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries. Reiterate the critical importance of adhering to full conformity, and subscribe to the concept of compensation by those countries who produce above the required production level as per the attached table, in addition to their already decided production levels.”

Algeria 1,007

Angola 1,280

Congo 276

Equatorial Guinea 70

Gabon 177

Iraq 4,431

Kuwait 2,676

Nigeria 1,380

Saudi Arabia 10,478

UAE 3,219

Azerbaijan 551

Bahrain 196

Brunei 83

Kazakhstan 1,628

Malaysia 401

Mexico 1,753

Oman 841

Russia 9,828

Sudan 64

South Sudan 124

OPEC 10 24,994

Non-OPEC 15,469

OPEC+ 40,463

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